Total monthly cost of ownership
Cost to Own a Home in Newberry, Michigan
A $66,000 home here costs
$784per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $339. The real number is $445 higher every month — 131% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Newberry against Luce County and Michigan
| Measure | Newberry | Luce County |
|---|---|---|
| Median home value | $65,800 | $110,400 |
| Median property tax | $1,187 | $1,121 |
| Effective tax rate | 1.804% | 1.015% |
| Median gross rent | $939 | $799 |
| Population | 1,453 | 6,325 |
The weather behind that power bill
Newberry sits in Luce County, which averages a high of 74.7°F in its hottest month and a low of 11.8°F in its coldest, with 31.7" of precipitation a year and 35% of it in a single three-month stretch. That climate drives 219 cooling and 8,474 heating degree days, which is what sets the $198 electricity line above.
See the full climate breakdown for Luce County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Luce County
No other places of this size are published in Luce County.
Common questions
How much does it cost to own a home in Newberry?
A $66,000 home in Newberry, Michigan costs approximately $784 per month with 20% down at 6.66%. That is $339 principal and interest, $99 property tax, $25 homeowners insurance, $266 utilities and $55 set aside for maintenance.
What is the property tax rate in Newberry?
Newberry has an effective property tax rate of 1.804%, based on a median home value of $65,800 and median real estate taxes of $1,187. That is higher than the Luce County average of 1.015%.
What is the average home price in Newberry?
The median owner-occupied home value in Newberry, Michigan is $65,800, against $110,400 across Luce County.
Is it cheaper to rent or buy in Newberry?
Median gross rent in Newberry is $939 a month, against $784 to own the median home all in. Owning costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Newberry — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Michigan.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.